Leveraging Benchmark Data and Forecasting for Graduate Enrollment Marketing Budgets

Today, graduate enrollment marketers face the critical challenge of making the best use of their budgets to attract and retain students. One of the most powerful tools at their disposal is benchmark data. Combined with robust forecasting techniques, these tools can develop efficient and impactful marketing budgets.

Higher Education Benchmarking Data

Benchmark data is exactly what it sounds like: a set of standard measurements/reference points that provide a benchmark for evaluation purposes. In higher ed, this data typically includes metrics such as:

• Cost per Lead (CPL): The average cost to acquire a prospective student’s contact information.
• Conversion Rates: The percentage of leads that ultimately enroll in the program.
• Return on Investment (ROI) and Return on Ad Spend (ROAS): The financial return on marketing expenditures.
• Student Demographics and Psychographics: Data on the types of students enrolling, including age, background, and geographic location, as well as personalities, behaviors, and motivations.

By analyzing benchmark data, you can gain insights into what is working in your industry and identify areas where your institution may be underperforming or overperforming.

Utilizing Forecasting Techniques

Forecasting involves predicting future trends based on historical data. For graduate enrollment marketers, accurate forecasting is essential for several reasons:

1. Budget Allocation: Predicting the future success of different marketing channels allows you to allocate budgets more effectively. For example, if historical data shows that social media campaigns yield a high conversion rate during specific months, more budget can be allocated to these campaigns during these periods.
2. Resource Planning: Knowing what resources are most needed and when can provide a framework for ensuring even coverage.
3. Setting Realistic Goals: Accurate forecasts help in setting achievable enrollment targets and financial goals, which are crucial for strategic planning and stakeholder buy-in.

Integrating Benchmark Data and Forecasting

By combining forecasting and benchmarking data, you can get a full picture of the data and how best to use it.

• Data Collection and Analysis: Gather historical data on marketing performance, enrollment figures, and financial metrics. Compare this data against industry benchmarks to identify trends and outliers.
• Identify Key Metrics: Focus on the metrics that matter most for your institution. These might include CPL, conversion rates, and ROI or ROAS. Understanding these metrics in the context of industry standards provides a clearer picture of where improvements are needed.
• Develop Forecast Models: Use statistical methods, tools, or partners to develop forecast models. These models should account for seasonal trends, historical performance, and external factors such as economic conditions and demographic changes.
• Scenario Planning: Create different scenarios to understand the potential impact of various marketing strategies. For instance, analyze how increasing the budget for digital advertising might affect enrollment numbers compared to investing more in direct mail campaigns.
• Continuous Monitoring and Adjustment: Regularly compare actual performance against forecasts and benchmarks. This ongoing monitoring allows you to make data-driven adjustments to their strategies and budgets in real-time.

Getting Started

If you want to start using benchmarking and forecasting in your marketing, here are some things to keep in mind as you get started.

1. Invest in Analytics Tools: Use advanced analytics and customer relationship management (CRM) systems (such as Slate) to track and analyze data efficiently.
2. Train the Team: Ensure that the marketing team is skilled in data analysis and forecasting techniques. The world of marketing, and the industry benchmarks, are constantly changing. Continuous learning is crucial.
3. Collaborate Across Departments: Work closely with other departments such as admissions, finance, and IT to ensure a holistic approach to data collection and analysis.
4. Engage with Industry Networks: Participate in industry conferences, webinars, and forums to stay updated on the latest benchmarks and trends in graduate enrollment marketing.
5. Lean on External Expertise: External partners bring diverse perspectives and experience and can draw from their own history along with their aggregate client base to bring best practices and proven successes to the table.

Leveraging benchmark data and forecasting is no longer optional but essential for graduate enrollment marketers aiming to optimize their marketing budgets. By integrating these tools, you can make informed decisions, better allocate resources, and ultimately enhance your institution’s marketing and recruitment efforts.

Looking for a partner to help you get started with improving your graduate recruitment and marketing? Let’s connect.